Lori Wilkins maintains that the only difference between budgeting and long-range planning is time. Do you agree? Why or why not?
There are other differences between budgeting and long range planning other than time.
One such difference is Vision or focus.
Budgeting focuses on now and near future. If finances are sufficient it depicts where the cash flows are driven and if finances are not adequate budget shows where the deficiencies exist and the remedies to resolve them. But the focus of long range planning is not necessarily on money rather it's focus is on the strategies and plans to achieve the desired goals and objectives.
So I do not agree that only difference between budgeting and long range planning is time.
Lori Wilkins maintains that the only difference between budgeting and long-range planning is time. Do you...
Explain the difference between long range planning and strategic planning. Discuss in detail what the pros and cons are of each.
Capacity planning is generally viewed in three categories of time duration – long range, short range, and intermediate range planning. Capacity planning that involves new tooling and the hiring of new personnel would fall into which of these three planning timeframes? Provide an example of capacity planning elements that would require a long range planning horizon.
What is the primary difference between time-series and associative forecasting models? A. Associative models do not predict demand B. Associative models incorporate variables that might influence the quantity being forecasted C. Time-series models are only used for long-range forecasts D. Time-series models are only used for economic forecasts
How well do you think small businesses do long-term financial planning and cash budgeting? If you were a consultant to a small business, what would be your advice to them in developing financial plans and cash budgets? Cash flows are obviously what keep the company running smoothly. However, many companies choose to hold large amounts of cash. What are some possible negatives that could arise from a company hoarding large amounts of cash?
Explain the basic difference between psychological egoism and ethical egoism. Do you agree with psychological egoism? Do you agree with ethical egoism? Why or why not?
"Mrs. Wilkins," Dr. Blake said, "I want to ask you to participate in what we call a Phase 1 trial of a new drug called Novamed. The aim of such a trial, it is my duty to tell you, isn't to treat your disease but to help us determine how toxic Novamed is. What we learn may help us figure out how to help other people." "You mean Novamed won't help me"? Mrs. Wilkins asked. "I can't say that it...
29. A major difference between facilities planning and scheduling is that: A. Facilities planning refers to long-range capacity plan and scheduling refers to short-range capacity plan. B. Facilities planning is concerned with allocating available resources and scheduling with the acquisition of resources. C. Facilities planning refers to medium-range resource requirement and scheduling refers to long-range capacity requirement. D. None of the above. 30. Suppose the cost of not having adequate capacity is very high. What type of capacity cushion strategy...
29. A major difference between facilities planning and scheduling is that: A. Facilities planning refers to long-range capacity plan and scheduling refers to short-range capacity plan. B. Facilities planning is concerned with allocating available resources and scheduling with the acquisition of resources. C. Facilities planning refers to medium-range resource requirement and scheduling refers to long-range capacity requirement. D. None of the above. 30. Suppose the cost of not having adequate capacity is very high. What type of capacity cushion strategy...
f) What are the two methods for international capital budgeting? g) What is the difference between short-run interest rate exposure and long-run interest rate exposure? How can you hedge each type?
Cost planning is budgeting. Do you budget? Are budgets as helpful as theoretically proposed? Use your experience to support your response. Consider budgets from a business perspective. Which budget(s), based on reading, do you believe is/are most important to the organization's success?